Plug Power Inc (PLUG)

[WeTheMarket]

UK, thank you for the link to the article on Plug Power new fuel cell factory. I believe it is a major milestone, thus worth reposting and make it a sticky post.

Bethlehem approves 1,600-job Plug Power project
New Scotland board to weigh idea Tuesday night
By Massarah Mikati, Feb. 8, 2022
https://www.timesunion.com/news/article/Bethlehem-approves-1-600-job-Plug-Power-project-16842327.php#photo-21717830


Vista Technology Campus on Monday, Nov. 15, 2021, in Bethlehem, N.Y.

BETHLEHEM — The Bethlehem Planning Board Monday night approved Plug Power's plans to build a 350,000-square-foot fuel-cell factory in the towns of Bethlehem and New Scotland.

“This is one of the most exciting projects I’ve seen come to Bethlehem in the last 20 years,” said Supervisor David VanLuven.

The factory, which will be built at the Vista Technology Campus in Slingerlands, will initially employ 670 people, half of whom will transfer from the company's Latham headquarters once the project is competed. But Plug Power is projecting their employment levels to reach 1,625 people within five years, which would likely make Plug Power the largest private-sector employer in Bethlehem.

“This project is really the kind of anchor technology industry that we dreamed of when the park was first created, so I’m so pleased about it,” VanLuven said. “One of the things I was happy to hear is it will be on a three-shift schedule, so people coming and going to those jobs will be commuting off-peak hours, so it won’t be adding a notable traffic load to Route 85 during commuting hours.”

The company will go next before the New Scotland Planning Board Tuesday night Feb. 8, as the Vista park extends partially into the neighboring town. However, their project is likely to be approved, as VanLuven noted the two towns have been working in close partnership “to make sure the whole review process moves forward in a smooth fashion.” If approved by New Scotland, the company will likely break ground on the project within the next month with plans to complete it by the summer.

Plug Power is one of the nation's leading fuel-cell makers and has been undergoing rapid growth, particularly with a series of acquisitions of other companies involved in the fuel cell and hydrogen sectors. The company said it may achieve nearly $1 billion in revenue in 2022, which would be an 80 percent increase over this year. By 2025, the company believes it will reach $3 billion in annual revenue.

The Slingerlands facility will only be used to make Plug Power's GenDrive fuel cells that are used in forklift trucks in warehouses, and would then be shipped to customers. The company is also developing its fuel-cell technology for other vehicles and the data center market.

"The building will support an expansion of Plug’s GenDrive manufacturing to support a global customer base," David Mindnich, executive vice president of global manufacturing, said in a statement. "We are committed to the Capital Region and excited to continue to bring new products to market and new jobs to the area.”

Plug Power's fuel cells run on hydrogen, which emit only water vapor and warm air when they are running, making them a popular power source as governments and corporations around the world seek to reduce their greenhouse gas emissions to try and curtail climate change.

CEO Andrew Marsh was adamant during a conference call with investors last month about becoming the globe's largest green hydrogen producer, saying the company has "never entered a year with such clarity" as it eyes tremendous growth and revenue targets for the year.

Written By
Massarah Mikati
Massarah Mikati covers communities of color and breaking news for the Times Union.